At noon on Wednesday crude oil futures touched $45 a barrel on news that inventories soared last week by the most in 34 years, and the futures market is likely to continue its breathtaking selloff to $40 and perhaps even lower.
OPEC is in a game it initiated and that it can't win and can't quit. In the process, OPEC is becoming increasingly irrelevant while U.S. producers are pushing ahead.
Hoist by their own petard? (A petard is a small bomb used to blow up fortifications, an especially apt expression at this moment.)
The United States’ first offshore wind farm is going to cost about $17,600 per home it will power and do little to reduce either electric rates or carbon emissions.
Saudi Arabia’s Energy Minister Khalid al-Falih said Monday that OPEC will likely agree on production cuts and that crude oil prices could hit $60 a barrel by the end of the year.
Wednesday’s announcement from OPEC about an agreement to cut production to shore up crude oil prices was met with both delight and scorn by observers.
A new oil find by the Apache Corporation is exacerbating the failure of OPEC's strategy to flood the market in order to drive out American oil producers, and is a "surprise" to members of the cartel.
Despite historically high demand for oil, inventories have never been higher, and experts say oil prices are likely to drop back into the $20 per barrel range soon.
OPEC’s current president, Qatar’s energy minister Mohammed bin Saleh Al Sada, announced Monday that the oil cartel will hold “informal” side meetings at the International Energy Forum in Algeria in late September. Not surprisingly, the topic will once again be “cooperation” among the disparate and increasingly desperate members to restrict production in efforts to force oil prices higher.
Since the crude oil export ban was lifted last December, exports increased seven times previous levels in the first three months of 2016: a lesson in free markets.